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Short GBP/USD at 1.6100

Short GBP/USD at 1.6100

2011-07-15 18:17:00
Research, Research Team
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The GBP/USD pair all of July's losses in just four days this week, closing at its highest exchange rate since June 22. Nontheless, with a failure to break above a former neckline on a head and shoulders pattern, the last rally in the pair could be over before a major decline towards yearly lows.

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Short: 1.6100

Stop: 1.6150 (50-pip risk)

Target 1: 1.5912 (move stop to 1.6000)

Target 2: 1.5858 (100.0 Fibo on April High, May Low, May High)

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